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Good Afternoon and welcome to HotCopper’s Market Close for Thursday 10th of April, I’m Jonathon Davidson.
It was a happier day for traders with a tariff reprieve from Trump who was compelled to do so by because nobody was buying US bonds. Keep in mind rallies like these generally occur in periods of turmoil.
US futures were red at 4.20pm Sydney time, but with indexes predicted to fall less than a percent each, that’s not too bad. As for the ASX, the best performing sector on Thursday was IT up 7.6% followed by Materials up 6.3%. All sectors ended in the green.
So what about companies in the green?
Nerve repair biotech Orthocell jumped 19% on Thursday as the company filed an application in Hong Kong to have its products approved in that market. Without doubt, the overall mood of the day magnified gains, Orthocell ended at $1.50.sh.
In tech, HMC Capital-backed Digico REIT was one of the day’s top gainers, up nearly 17% at $2.71/sh on no news. Presumably investors were eyeing the Mag 7’s overnight gains, this comes despite reports the International Energy Agency it expects data centre growth to slow broadly.
Finally, Mineral Resources jumped nearly 18% on the back of improved sentiment and an uptick in iron ore prices, with the Singapore benchmark now sitting around US$95.50c/tonne. That said, 1Y returns for the embattled company remain down 76%; shares ended just under $17 each.
And as for companies in the red,
While shares are currently suspended, one can assume shares in vision loss focused biotech Opthea Ltd would have fallen, given today the company made the move to cut 65% of its workforce. This follows the recent realisation its flagship drug doesn’t work, the stock is still in crisis talks with key investors. Shares were unchanged at 60cps.
Meanwhile, SkyCity Entertainment shares dipped point 9 percent on no news but presumably traders were looking for a more reliable place to reallocate equities, given that SkyCity is facing a future not dissimilar to where Star Entertainment finds itself now; shares ended down $1.05/sh.
Finally, one day after shares recommenced trading after a decent time suspended, mining smallcap Minerals 260 dipped around -13.5% as a presentation at the Resources Rising Stars Conference failed to generate excitement. Shares ended at 11cps.
That’s Market Close for Thursday, I’m Jonathon Davidson; from HotCopper have a great night and we’ll see you tomorrow.
